E-commerce was born with the advent of the internet more than two decades ago, and it revolutionized business on a global scale. The internet opened an entirely new avenue for trade and granted companies access to a massively expanded market, allowing e-commerce to reach almost 19% of all global retail sales in 2022.
Although digital health has been around for quite a while now, major e-commerce players such as Amazon and Walmart began making major investments in the healthcare sector in the wake of the coronavirus pandemic. The pandemic revealed that people are willing to seek medical help online if the process is more convenient and requires minimal wait times compared to visiting a healthcare facility for in-person treatment.
A recent report on ResearchAndMarkets.com has revealed that e-commerce is already reshaping the consumer healthcare field. E-commerce is poised to accelerate the global consumer healthcare industry’s growth significantly, the report noted.
Retail online pharmacies have greatly enhanced customer convenience, a key driver of sales, and major online pharmacies such as Your Drugstore, Walgreens, Net Medicines and Lloyds Pharmacy are pushing the trend of marketing consumer healthcare products through virtual pharmacies. The consumer healthcare industry also owes some of its increasing growth to consumers focusing on healthier lifestyles and improving their well-being, which has pushed up demand for vitamins and dietary supplements.
According to the report, the worldwide consumer healthcare market will see an astounding 6.9% compound annual growth rate (CAGR) to reach a valuation of $341 billion by the end of the year. The vitamins and dietary supplements category currently dominates the global consumer healthcare market, and nutraceutical products such as dietary supplements are poised to see even more sales.
Changing lifestyles and increasingly busy schedules among the working population are also driving demand for vitamins.
In terms of distribution channels, nongrocery specialists are the dominant market players with e-commerce growing faster than other channels, including home shopping, grocery retailers, mixed retailers and direct selling.
North America beat the Asian Pacific, Europe, the Middle East, Africa and Latin America to grab the top spot as the most dominant region, thanks to growing demand for over-the-counter (OTC) products and self-medication. A growing population of geriatrics in the U.S. who require constant and proper treatment and healthcare is also boosting healthcare demand in the country.
However, as e-commerce healthcare expands in the coming years, it will have to contend with issues such as consumer healthcare product misuse and counterfeit medicine.
Entities such as NextPlat Corp. (NASDAQ: NXPL) (NASDAQ: NXPLW) look poised to benefit from the growth of healthcare e-commerce around the world as more people opt to obtain healthcare products and services online.
NOTE TO INVESTORS: The latest news and updates relating to NextPlat Corp. (NASDAQ: NXPL) are available in the company’s newsroom at https://ibn.fm/NXPL
About BioMedWire
BioMedWire (“BMW”) is a specialized communications platform with a focus on the latest developments in the Biotechnology (BioTech), Biomedical Sciences (BioMed)and Life Sciences sectors. It is one of 60+ brands within the Dynamic Brand Portfolio @ IBN that delivers: (1) access to a vast network of wire solutions via InvestorWire to efficiently and effectively reach a myriad of target markets, demographics and diverse industries; (2) article and editorial syndication to 5,000+ outlets; (3) enhanced press release enhancement to ensure maximum impact; (4) social media distribution via IBN to millions of social media followers; and (5) a full array of tailored corporate communications solutions. With broad reach and a seasoned team of contributing journalists and writers, BMW is uniquely positioned to best serve private and public companies that want to reach a wide audience of investors, influencers, consumers, journalists and the general public. By cutting through the overload of information in today’s market, BMW brings its clients unparalleled recognition and brand awareness.
BMW is where breaking news, insightful content and actionable information converge.
To receive SMS alerts from BioMedWire, “Biotech” to 844-397-5787 (U.S. Mobile Phones Only)
For more information, please visit https://www.BioMedWire.com
Please see full terms of use and disclaimers on the BioMedWire website applicable to all content provided by BMW, wherever published or re-published: https://www.BioMedWire.com/Disclaimer
BioMedWire
San Francisco, CA
www.BioMedWire.com
415.949.5050 Office
[email protected]
BioMedWire is powered by IBN